ABB Ltd., which last week announced the surprise departure of Chief Executive Officer Joe Hogan, said Prith Banerjee, board member and head of technology, is quitting to return to the U.S. after one year in the post.
European stocks gained, extending the Stoxx Europe 600 Index’s highest level since June 2008, as companies including ArcelorMittal and BT Group Plc posted better-than-expected results and German exports increased in March. U.S. index futures and most Asian shares advanced.
ABB Ltd., the world’s largest maker of power transformers, rose as much a 3.7 percent in Zurich trading as Chief Executive Officer Joe Hogan’s drive to trim costs helped to boost profitability in the first quarter.
ABB Ltd. Chief Executive Officer Joe Hogan is building on his deal-making credentials to bolster the Swiss engineering conglomerate with acquisitions, fueling earnings and eclipsing the performance of competitors.
ABB Ltd. Chief Executive Officer Joe Hogan has opted to take nibbles rather than bites out of the company’s $9.4 billion in cash reserves as the Swiss company seeks to add to its range of power-supply equipment.
ABB Ltd. awarded Chief Executive Officer Joe Hogan a total pay package of 10.2 million Swiss francs ($10.8 million) in 2012, about 8 percent more than the previous year and eclipsing the compensation of Siemens AG chief Peter Loescher.